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Articles 1 - 30 of 84
Full-Text Articles in Insurance Law
Variable Life Insurance And The Federal Securities Laws, Maine Law Review
Variable Life Insurance And The Federal Securities Laws, Maine Law Review
Maine Law Review
The Securities and Exchange Commission has recently ruled that variable life insurance contracts are "securities" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 and, therefore, subject to the registration and disclosure requirements of those acts. Perhaps more significantly, the SEC also found the Investment Company Act of 1940 and the Investment Advisers Act of 1940 applicable to companies issuing variable life insurance, but decided to exempt insurance companies from the requirements of these statutes in deference to developing state regulation. This comment explores the legal issues raised by the SEC decision.
Variable Life Insurance And The Federal Securities Laws, Maine Law Review
Variable Life Insurance And The Federal Securities Laws, Maine Law Review
Maine Law Review
The Securities and Exchange Commission has recently ruled that variable life insurance contracts are "securities" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 and, therefore, subject to the registration and disclosure requirements of those acts. Perhaps more significantly, the SEC also found the Investment Company Act of 1940 and the Investment Advisers Act of 1940 applicable to companies issuing variable life insurance, but decided to exempt insurance companies from the requirements of these statutes in deference to developing state regulation. This comment explores the legal issues raised by the SEC decision.
Disposition Of Life Insurance Proceeds When Owner Beneficiary Murders The Insured: Estate Of Draper V. Commissioner, Maine Law Review
Disposition Of Life Insurance Proceeds When Owner Beneficiary Murders The Insured: Estate Of Draper V. Commissioner, Maine Law Review
Maine Law Review
A beneficiary of a life insurance policy who has murdered the insured generally is barred from receiving the proceeds of the policy covering the life of the deceased. This rule reflects the common law maxim that no one shall be permitted to profit from his own wrong. Some courts have also denied the beneficiary recovery on the ground that it is unreasonable to hold that the insurer assumed the risk of the beneficiary's intentional killing of the insured. Other courts rely primarily on the rationale that public policy forbids construing contracts in a manner that encourages or rewards crime. Although …
Profiteers Of Death, Match Dawson
Profiteers Of Death, Match Dawson
Faculty Articles
Brazenly operating within the illicit world of stranger-owned life insurance (“STOLI”), unscrupulous investors and colluding life insurance agents unapologetically engage in a calculated dance of fraud and deceit. With the skill of seasoned con artists, these “Profiteers of Death” prey upon the unsuspecting elderly community, strategically targeting senior assisted living facilities by dangling the golden carrot of easy money in exchange for unwittingly selling away their insurability for little more than copper pennies. Standing idle like salivating vultures, the Profiteers of Death make a mockery of legislative attempts to curb the illegitimate secondary market, perfectly exploiting regulatory deficiencies as they …
Racial Discrimination In Life Insurance, William G. Gale, Kyle D. Logue, Nora Cahill, Rachel Gu, Swati Joshi
Racial Discrimination In Life Insurance, William G. Gale, Kyle D. Logue, Nora Cahill, Rachel Gu, Swati Joshi
Law & Economics Working Papers
We examine the historical and statistical relationship between race and life insurance. Life insurance can play a central role in households’ financial security. Race has played an important and changing role in the provision of life insurance in the U.S. from slave insurance before the Civil War, to “Scientific Racism” continuing into the 20th century, to policies that do not explicitly mention race in recent decades. In empirical work using new data, we confirm earlier work showing that Black individuals have higher life insurance coverage rates than white individuals, controlling for observable characteristics. We find no difference in the likelihood …
Insurance--Liability Of Insurer For Unauthorized Act Of Soliciting Agent, H. G. U.
Insurance--Liability Of Insurer For Unauthorized Act Of Soliciting Agent, H. G. U.
West Virginia Law Review
No abstract provided.
Is F.S. §732.703 Susceptible To A Constitutional Challenge By A Former Spouse Whose Claim For Benefits Is Denied?, Donna L. Eng, Scott Konopka
Is F.S. §732.703 Susceptible To A Constitutional Challenge By A Former Spouse Whose Claim For Benefits Is Denied?, Donna L. Eng, Scott Konopka
UF Law Faculty Publications
It's a common scenario: A spouse takes out a life insurance policy during the marriage and designates the other spouse as the beneficiary. Subsequently, they divorce, and the spouse who purchased the policy neglects to change the beneficiary designation. Is the former spouse who is named as the beneficiary entitled to collect the proceeds to the policy after the death of the spouse who purchased the property? Based on FS. §732.703, the answer should be no. But, can a former spouse defeat application of the section by arguing that the section violates his or her constitutional right to freedom of …
Banking Without Guarantees? Public Policy Considerations Concerning Insurance Company Retained Asset Accounts, Jill M. Bisco, Chad G. Marzen
Banking Without Guarantees? Public Policy Considerations Concerning Insurance Company Retained Asset Accounts, Jill M. Bisco, Chad G. Marzen
University of Baltimore Law Review
During a child’s early years, many lessons are learned about the way the world operates. There are many lessons about language— schoolchildren learn how to write cursive, to write paragraphs, and also how to spell. There are lessons about the various continents and countries around the world, the various cultures, and the various careers one can pursue after entering into adulthood. Amidst these lessons, many will receive a piggy bank for the first time to learn the value of saving money. Over time, the value of the money in a piggy bank sometimes yields a surprise. Around a person’s teenage …
The Family Llc: A New Approach To Insuring Dynastic Wealth, Evan Michael Purcell
The Family Llc: A New Approach To Insuring Dynastic Wealth, Evan Michael Purcell
The Journal of Business, Entrepreneurship & the Law
This Article introduces the taxpayer to the basic background principles needed to understand the inner workings of the investment, then provides a guide to drafting considerations for the family's attorney, and concludes with a general plan to maintain business legitimacy and take advantage of tax-favored status, while retaining the flexibility essential to combating the unexpected. Part II addresses the historically favored tax treatment of life insurance products, as well as relatively recent restrictive reforms. Part III addresses the background foundation of the LLC entity and surveys its skeletal structure. Part IV introduces a practical example of how to create an …
Death From Autoerotic Asphysxiation And The Double Indemnity Clause In Life Insurance Policies: The Latest Round In Accidental Death Litigation, Francis Achampong
Death From Autoerotic Asphysxiation And The Double Indemnity Clause In Life Insurance Policies: The Latest Round In Accidental Death Litigation, Francis Achampong
Akron Law Review
This paper examines the cases that have been decided on this issue, seeking to determine whether recovery under the double indemnity provision revolves around the type of clause used in the policy, or on the particular jurisdiction's stand on what is "accidental," regardless of policy language. The author seeks to determine whether any particular trend may be elicited from these cases that may shed light on the likely disposition of future cases
Wagering On The Lives Of Strangers: The Insurable Interest Requirement In The Life Insurance Secondary Market, Peter N. Swisher
Wagering On The Lives Of Strangers: The Insurable Interest Requirement In The Life Insurance Secondary Market, Peter N. Swisher
Law Faculty Publications
The purpose of this article is to explore and analyze the crucial inter- relationship and the present tension existing between various life settlement alternatives and the insurable interest requirement for life insurance. Does the 240-year-old insurable interest doctrine adequately meet the needs of a modern society in recognizing a secondary market for life in- surance? If so, what additional remedies, if any, are available to both the insured and the insurer to legally protect the contractual rights and reasonable expectations of the parties?
Disclosure To The Rescue: A Conceptual Framework For Retained Asset Accounts, Maria O'Brien
Disclosure To The Rescue: A Conceptual Framework For Retained Asset Accounts, Maria O'Brien
Faculty Scholarship
RAAs (Retained Asset Accounts) are a life insurance innovation that is likely of small value to most beneficiaries. In many cases, it will make the most financial sense for a beneficiary to write a check to himself for the entire policy proceeds and deposit those funds into an insured bank account. Some beneficiaries, however, may find the RAA device helpful. It is impossible to anticipate the myriad circumstances that beneficiaries may face at the time of an insured's death. As long as insurers provide full and clear disclosure (which ERISA fiduciary standards demand), consumers should remain free to choose an …
Life, Health, And Disability Insurance: Understanding The Relationships, Robert H. Jerry Ii
Life, Health, And Disability Insurance: Understanding The Relationships, Robert H. Jerry Ii
Faculty Publications
This project focuses on the extent to which dis-ability insurers should be allowed to use genetic information in underwriting and rate-setting, but this subject cannot be completely isolated from the related questions of whether life and health insurers should also have this discretion. Federal and state laws place significant restrictions on insurers' use of genetic information in health insurance, but regulation of such use in life and disability insurance is considerably more modest. This essay examines the reasons for this disparity and discusses the implications for future proposals to regulate disability insurers' use of genetic information in underwriting and rate-set-ting. …
Insurance Binders Revisited, Peter N. Swisher
Insurance Binders Revisited, Peter N. Swisher
Law Faculty Publications
Temporary contracts of insurance-binders-protect the insured during the time between completion of the application and issuance of the policy. They are an accepted and necessary part of the insurance business, used in connection with a wide variety of insurance P7:oducts. But when alleged coverage under a binder is the subject of litigation, the results are often inconsistent and, sometimes, indefensible. This article provides a comprehensive discussion of binders, including the differences between standard form and manuscript binders, binding receipts in property and casualty insurance and conditional receipts in life insurance policies, the various kinds of conditional receipts, and otherwise. The …
The Antitrust Implications Of Collaborative Standard Setting By Insurers Regarding The Use Of Genetic Information In Life Insurance Underwriting, Robert H. Jerry Ii
The Antitrust Implications Of Collaborative Standard Setting By Insurers Regarding The Use Of Genetic Information In Life Insurance Underwriting, Robert H. Jerry Ii
Faculty Publications
The discussion in this Article is divided into four parts. Part I summarizes the landscape, past and present, with respect to insurer collaboration in underwriting. Part II considers whether, absent an antitrust exemption, multiinsurer agreements and collaborative insurer standard-setting with respect to underwriting violate federal antitrust law. This Part also evaluates whether insurers, to the extent potential federal liability exists, enjoy any kind of statutory or judicial exemption from federal law for such activities. Part III considers the same questions addressed in Part II but in the context of state antitrust laws. Because antitrust law, including the law of antitrust …
The Genie And The Bottle: Collateral Sources Under The September 11th Victim Compensation Fund, Kenneth S. Abraham, Kyle D. Logue
The Genie And The Bottle: Collateral Sources Under The September 11th Victim Compensation Fund, Kenneth S. Abraham, Kyle D. Logue
Articles
The September 11th Victim Compensation Fund of 2001 (the Fund) was part of legislation enacted just eleven days after the terrorist attacks of September 11th in the wake of extraordinary national loss. It is possible, therefore, that the Fund will always be considered an urgent and unique response to the unprecedented events of September 11th. On that view, the character of the Fund will have little longterm policy significance. It is equally possible, however, that the enactment of the Fund will prove to be a seminal moment in the history of tort and compensation law. The Fund adopts a new …
May Harvey Rest In Peace: Lakin V. Postal Life And Casualty Company, Robert H. Jerry Ii
May Harvey Rest In Peace: Lakin V. Postal Life And Casualty Company, Robert H. Jerry Ii
UF Law Faculty Publications
There is a case that has piqued my interest in recent years. Lakin v. Postal Life & Casualty Co., is a relatively simple story of two men whose paths crossed in Kansas City, Missouri, more than forty years ago. One was a down-in-the-luck drifter, and the other a con-artist who made his living by taking advantage of others. These two men would be long forgotten but for the fact that their final interactions during a hunting trip near Pleasant Hill, Missouri, raised some insurance law issues that ultimately made their way to the Missouri Supreme Court. Lakin stands for the …
May Harvey Rest In Peace: Lakin V. Postal Life And Casualty Company, Robert H. Jerry ,Ii
May Harvey Rest In Peace: Lakin V. Postal Life And Casualty Company, Robert H. Jerry ,Ii
Nevada Law Journal
No abstract provided.
The Insurance Aftermath Of September 11: Myriad Claims, Multiple Lines, Arguments Over Ocurrence Counting, War Risk Exclusions, The Future Of Terrorism Coverage, And New Issues Of Government Role, Jeffrey W. Stempel
Scholarly Works
September 11, 2001, is an unforgettable date for many reasons. In addition to its political, social, and historical importance, it may mark a watershed of insurance history as well. The value of the insurance losses due to the collapse of the World Trade Center (WTC) towers is estimated to total at least $35 billion and perhaps $75 billion. In addition, most of the people killed by terrorism were covered by life insurance. Many business operations were affected, invoking possible business interruption coverage. The airplanes that became weapons of destruction carried passengers whose estates are likely to press claims against the …
Timeless And Ahead Of Its Time: Lach's V. Fidelity & Casualty Of New York, Jeffrey W. Stempel
Timeless And Ahead Of Its Time: Lach's V. Fidelity & Casualty Of New York, Jeffrey W. Stempel
Scholarly Works
The publication of Judge Keeton's important article “inventing” the reasonable expectations doctrine in 1971 is notable for infusing a good deal of intellectual energy into the study of insurance law, particularly judicial decisions about insurance coverage. Keeton's article, which deduced from cases the principle that courts tended to interpret policies to vindicate the objectively reasonable expectations of the insured, has rightly been viewed as a milestone. It clarified an area of law long seen as inconsistent or result-oriented. It spurred additional important scholarship in the area and elevated insurance caselaw from something of a backwater to at least a respectable …
The Current Life Insurance Crisis: How The Law Should Respond, Kyle D. Logue
The Current Life Insurance Crisis: How The Law Should Respond, Kyle D. Logue
Articles
This article explores some of the issues raised by the new evidence of underinsurance. Part I explores the initial theoretical question: why do people buy life insurance? Put differently, what function does life insurance serve? Part II provides some background on the life insurance market as it currently exists. Thus, Part II summarizes the major types of life insurance that are currently offered and summarizes the main elements of the current regulatory regime for life insurance companies. Part III then provides support for the claim that households tend to drastically underconsume life insurance. Section A of that Part summarizes the …
Recent Case Developments, Jeffrey W. Stempel
Recent Case Developments, Jeffrey W. Stempel
Scholarly Works
Recent case developments in Insurance Law in the years 2000 and 2001.
Recent Case Developments, Jeffrey W. Stempel
Recent Case Developments, Jeffrey W. Stempel
Scholarly Works
Recent case developments in Insurance Law in the years 2000 and 2001.
Recent Case Developments, Jeffrey W. Stempel
Recent Case Developments, Jeffrey W. Stempel
Scholarly Works
Recent case developments in Insurance Law in the years 1999 and 2000.
Recent Case Developments, Jeffrey W. Stempel
Recent Case Developments, Jeffrey W. Stempel
Scholarly Works
Recent case developments in Insurance Law in the years 1999 and 2000.
Tax Consequences Of Assigning Life Insurance - Time For Another Look, Douglas A. Kahn, Lawrence W. Waggoner
Tax Consequences Of Assigning Life Insurance - Time For Another Look, Douglas A. Kahn, Lawrence W. Waggoner
Articles
The Taxpayer Relief Act of 1997 furnishes the courts and the Internal Revenue Service an opportunity to close certain loopholes in the federal tax consequences of assigning life insurance. About twenty years ago, we published an article arguing that the tax consequences of assigning life insurance affords taxpayers unwarranted opportunities for tax avoidance. Since then, developments in the case law and Internal Revenue Service rulings have broadened the loopholes. In the update of our article, we show how the new tax law supports our original position.
Recent Case Developments, Jeffrey W. Stempel
Recent Case Developments, Jeffrey W. Stempel
Scholarly Works
Recent case developments in Insurance Law in years 1998 and 1999.
Regulating Viatical Settlements: Is The Invisible Hand Picking The Pockets Of The Terminally Ill?, Russell J. Herron
Regulating Viatical Settlements: Is The Invisible Hand Picking The Pockets Of The Terminally Ill?, Russell J. Herron
University of Michigan Journal of Law Reform
The newly emerging viatical settlement industry has attracted considerable attention from both insurance regulators and advocates for the terminally ill. In a viatical settlement, a terminally ill person names a viatical settlement company as beneficiary under his life insurance policy in exchange for an immediate lump-sum cash payment of less than face value of the policy. To date, viatical settlement payments to people with AIDS (PWAs) have been disturbingly low as a percentage of the face value of PWA policies. This Note examines the few enacted viatical settlement regulations and the National Association of Insurance Commissioners' model regulations as they …
Death And Taxes: The Taxation Of Accelerated Death Benefits For The Terminally Ill, Wayne M. Gazur
Death And Taxes: The Taxation Of Accelerated Death Benefits For The Terminally Ill, Wayne M. Gazur
Publications
No abstract provided.
The Validity Of Time Limitations In Accidental Multiple Indemnity Death Provisions Of Life Insurance Policies, Samuel J. Arena Jr.
The Validity Of Time Limitations In Accidental Multiple Indemnity Death Provisions Of Life Insurance Policies, Samuel J. Arena Jr.
Villanova Law Review (1956 - )
No abstract provided.